Universal Life Insurance
Universal Life Insurance
Combines the low-cost protection of term insurance with a savings component that is invested in a tax-deferred account, the cash value of which may be available for a loan to the policyholder. Universal life was created to provide more flexibility than whole life by allowing the holder to shift money between the insurance and savings components of the policy.
Primary Consumer:
People aged between 30-60 who have a stable income and are looking for permanent coverage to outlast a term policy and keep them covered after term rates increase as they age. Universal Life Policies are generally a larger premium per month policy, however you can never lose coverage due to health issues as long your policy is in force. In addition to Universal Life being a permanent solution there are certain riders that can be equipped to gain even more flexibility.
